The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of the...

Статья посвящена публикации и анализу ранее неизвестных хлебофуражных балансов за 1925/26-1940/41 гг. В балансах конца 1930-х гг. за счет приписок за основу брали...

В статье рассмотрены вопросы консолидации и корпоративной структуризации основных участников процесса товароснабжения северных территорий России, доказан...

В статье рассмотрены вопросы консолидации и корпоративной структуризации основных участников процесса товароснабжения северных территорий России, доказан...

We argue that the U.S. personal saving rate’s long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious ‘buffer stock’ model of optimal...

U.S. household consumption declined sharply in late 2008, marking a departure from the trend of a steady increase in U.S. consumption as a share of income since the 1980s. Combining econometric and simulation analysis, we estimate that this departure will be sustained beyond the crisis: the U.S....

We estimate consumption dynamics in the G-7 economies, paying particular attention to the possibility of precautionary behavior in the face of uncertainty. We find that in the short run, continued income uncertainty will significantly dampen consumption growth. As such, consumption in the G-7...